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SUMMARY:Sino-Russian Gas and Oil Cooperation : The Reality and Its Impacts
  towards Regional and Global Trading - Professor Keun Wook Paik\, associat
 e fellow of the energy\, environment\, resource department at Chatham Hous
 e and senior research fellow at the Oxford Institute for Energy Studies
DTSTART:20141202T170000Z
DTEND:20141202T000000Z
UID:TALK56431@talks.cam.ac.uk
CONTACT:Marta Musso
DESCRIPTION:On May 21\, 2014\, the long waited Sino-Russian gas deal was s
 igned\, and the 38 bcm/y gas supply from east Siberia to northern China fo
 r 30 years (US$ 400 bn worth) was the biggest energy deal ever. In 2013\, 
 China had signed two major crude supply deals with Russia\, with US$ 355 b
 n worth. If Altai gas deal with 30 bcm/y volume is added in the coming 12 
 month\, the combined figure of Sino-Russian oil and gas deal will reach US
 $ 1 trillion. The importance of Sino-Russian gas deal lies in a fact that 
 it will set the benchmark price for northern China's Bohai Bay gas market 
 and will deliver a huge pressure to LNG developers targeting the Chinese L
 NG market. The US and EU sanctions against Russia with regard to the Ukrai
 ne crisis had consolidated Sino-Russian energy relations and consequently 
 China became the biggest beneficiary. Russia is being demonised by its ann
 exation of Crimea Peninsula\, but Russia's large scale gas supply to China
  will help reducing the excessive Asian LNG premium and consequently the e
 xpansion of gas use in China. If China's heavy dependence on coal can be c
 hanged by the rapid expansion of gas use in China\, let's say\, China's co
 al dependence in China's energy mix can be reduced well below 50% by 2030\
 , that will be the biggest contribution to take care of global climate cha
 nge initiative. Prof. K-W Paik is a top authority on Sino-Russian oil and 
 gas cooperation\, and his talk will address the implications of the deal c
 omprehensively
LOCATION:Room B3\, Criminology Department\, Sidgwick Site
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